WASHINGTON (AP) — Secretary of the Treasury Janet Yellen told world financial leaders that the U.S. economy was stronger because the Biden administration rejected isolationism, in a narrow criticism of former President Donald Trump’s policies two weeks ago. us elections.
Yellen opened her mouth to say, IMF and World Bank Annual Meetings Tuesday highlighted U.S. economic growth since the country entered the coronavirus pandemic. He did not mention Trump by name, but in a preliminary draft of his remarks, he said the Biden administration had ended an era of international isolationism that “made America and the world worse.”
“We went from millions of people out of work to a historic labor market recovery,” Yellen said. He said the U.S. economy has grown “almost twice as fast this year and last as most other developed countries, even though inflation has fallen faster.”
IMF Announcing international outlook on the world economy on Tuesday morning raised its economic outlook for the United States this year, while lowering its growth forecasts for Europe and China.
The IMF expects the U.S. economy, the world’s largest, to grow 2.8% this year, down slightly from 2.9% in 2023 but better than the 2.6% it expected in 2024 in July. U.S. growth has been driven by strong consumer spending driven by healthy inflation-adjusted wage increases.
The meeting will be the last major international financial meeting to be held under the Biden administration, and comes as economic issues have become a top concern for U.S. voters. Republicans blame the Biden-Harris administration for lowering inflation after hitting a 40-year high. Trump campaign spokeswoman Caroline Levitt said in a statement that the Biden-Harris administration has “created an inflation crisis, record-high gas prices, and soaring mortgage rates and interest rates, resulting in a decline in consumer and small business confidence.” “This is the lowest in decades,” he said.
Voters remain deeply divided on whether they prefer Republican candidates, but Mr. Trump, or Democratic vice presidential candidate kamala harris to address major economic issues, according to an October study by Associated Press-NORC Public Affairs Research Center.
Who wins the US election will have a huge impact on global finance and the global economy.
Trump and Harris have said little about the International Monetary Fund and World Bank’s plans. However, the two countries have different views on trade, tariffs and other economic issues. President Trump is skeptical of the world’s financial institutions and has promised to impose heavy tariffs if elected. Although Harris supports some tariffs, she is likely to continue the Biden administration’s approach of prioritizing international cooperation over threats.
Yellen, like other federal officials, is prohibited by the federal government from engaging in partisan political activity. hatch method And he chose his words carefully in his speech. But she praised Biden and Harris’ efforts in areas such as climate, health care and infrastructure spending.
She alluded to President Trump’s international leadership, saying, “From day one, we have rejected the isolationism that degrades America and the world, and we have supported global economies that support economies around the world and provide tremendous benefits to the American people and the American economy.” We pursued economic leadership.”
What you need to know about the 2024 election
As president, Mr. Trump has embraced isolationism and criticized multilateral institutions. impose a 60% tariff on all Chinese products and impose a “universal” tariff of 10% or 20% on everything else imported into the United States, arguing that the cost of taxing imports is absorbed by the foreign countries that produce those products. There is.
Mainstream economists say it amounts to a tax on U.S. consumers. reduce the efficiency of the economy and cause inflation to skyrocket In the US.
The Biden-Harris administration has not lifted tariffs imposed on China during the Trump administration, and in May imposed large tariffs China’s electric vehicles, advanced batteries, solar cells, steel, aluminum, medical equipment, etc.